Bitcoin’s Quantum Vulnerability: Analysts Cite Long-Term Risks
- Analysts debate Bitcoin BTC -2.31% ’s long-term security against quantum computing.
- Quantum impact on crypto deemed real by experts.
- Potential $900 billion BTC at risk, analysts warn.
Mark Palmer, a Benchmark analyst, insists that Bitcoin’s key vulnerability against quantum threats lies in ECDSA, while experts predict quantum computers won’t pose a real threat for another 10-20 years.
Concerns about quantum computing jeopardizing Bitcoin security are prompting discussions among analysts, highlighting a potential $400-900 billion worth of BTC at risk, affecting institutional confidence and market dynamics.
Bitcoin’s security in the face of quantum computing has sparked intense debate among industry experts. Mark Palmer from Benchmark suggests potential risks to Bitcoin’s Elliptic Curve Digital Signature Algorithm could become evident in 10-20 years.
Among those addressing the topic, Sergio Ermotti of UBS considers the quantum threat to cryptocurrencies still unproven. Meanwhile, Christopher Wood from Jefferies Financial Group expressed his withdrawal of Bitcoin from a recommended portfolio due to these concerns.
“The store of value concept is clearly on less solid foundation,” noted Christopher Wood, “after removing BTC from his recommended pension portfolio due to quantum risks citing Chaincode Labs research (20-50% BTC vulnerable, $400-900B).”
Potential Impact and Expert Opinions
Nic Carter predicts institutional portfolios may face quiet downgrades if Bitcoin developers fail to act swiftly against quantum trends. Vitalik Buterin warns that Ethereum ETH -4.57% could potentially face threats earlier, before the US elections in 2028.
The Push for Quantum-Resistant Technologies
The lack of immediate action might shift BTC price dynamics, with focus on securing blockchain technology before quantum computers become fully operational. The community is pushing for urgency in addressing potential vulnerabilities.
Experts stress the necessity of developing quantum-resistant technologies for enhancing blockchain security. As quantum computing advances, cryptocurrencies may need to adapt their security frameworks. Industry discussions and potential institutional moves are already underway.
